Reports published on Oct. 21, 2026, put Anthropic’s first-half revenue at $16.3 billion and its net loss at $80.7 billion, citing a draft IPO prospectus. El Nacional attributed the revenue figure to The Wall Street Journal’s reporting, relayed by EFE. Calcalist, relaying Reuters, reported the loss and a $72 billion financing-related charge included in it.
The reported first-half figures
| Measure | Period and scope | Reported amount |
| Revenue | First half of 2026 | $16.3 billion |
| Net loss | First half of 2026 | $80.7 billion |
| Financing-related accounting charge | Included in the first-half net loss | $72 billion |
El Nacional also reported $1.1 billion in revenue for the first half of 2025. It put computing and infrastructure spending at $2.3 billion in that period and nearly $9 billion in the first half of 2026. For full-year 2025, it reported $7.3 billion in computing and infrastructure spending.
Why the accounting charge matters
The $72 billion charge was tied to changes in the estimated value of financing instruments. Calcalist described the instruments as bonds that can convert into Anthropic shares. The charge is an accounting item, not an equivalent amount of cash spent operating the business, so the $80.7 billion net-loss figure alone does not describe operating cash expenditure.
What the infrastructure figures add up to
El Nacional reported about $450 billion in cloud-computing payment commitments over seven to ten years. Its itemized figures were $111 billion with Google, $110 billion with Amazon Web Services, $31 billion with Microsoft, up to $86 billion for Nvidia-chip rentals through Nscale and Lambda, and $160 billion for Google chips through an arrangement with Broadcom.
Adding those five amounts gives $498 billion if the Nvidia-chip rental figure reaches its stated maximum, which is $48 billion above the roughly $450 billion headline. That arithmetic is not a reconciled total of separate commitments. Calcalist separately reported at least $518 billion over a decade for cloud services, computing and infrastructure. El Nacional also reported future infrastructure costs above $600 billion.
A conditional way to read the valuation estimate
Calcalist reported that Anthropic gave prospective IPO investors a third-quarter 2026 revenue figure of $16.8 billion at an Oct. 14 meeting, 45% above the previous quarter. The same Oct. 21 account said some investors were considering a valuation of about $1.5 trillion. NeoTeo previously covered a reported $2 trillion valuation expectation.
If $16.8 billion in quarterly revenue repeated unchanged for four quarters, the annualized figure would be $67.2 billion. Dividing the reported $1.5 trillion valuation estimate by $67.2 billion gives about 22.3 times that run rate. This is a conditional arithmetic illustration, not a reported valuation multiple or a forecast.
Customer concentration and computing capacity
El Nacional reported that two customers accounted for about one-fifth of Anthropic’s first-half revenue. It also reported that roughly one-third of the draft prospectus covered risk factors, including access to computing capacity.
